No one likes thinking about the what ifs in life -unless it's "what if I won the lottery?" When considering the what ifs of life insurance, you need to consider your own situation to see if it makes sense for you.

The key question is, what if your family needs can't be met if you're not around to provide for them. If your family would be unable to make the mortgage payments without your income, you need life insurance. It's meant to replace your income.

So a good rule of thumb is to buy an amount equal to six times your annual salary. If both spouses work, both should have life insurance to replace their own income. And since they don't pay the bills (even though threaten it every time they leave the door open), don't bother buying insurance on your children.

There are two primary types of life insurance:

Term life coverage provides a payment only if you die. Other policies, such as whole life or universal life, include investment components. Consumer advocates favor term life insurance because you don't want to tie your life insurance to an investment, unless you're making serious cash (as in $375,000 serious).

If you decide to get term life insurance, the best way to purchase is by checking one of several Web sites for a financially strong company that offers low premiums. Term life insurance rates have dropped about 50 percent over the last 10 years, thanks to the internet and the comparison shopping it encourages. Surf away and save!

Avoid buying more than one policy for any person. Every insurance policy has fees hidden in it. So two $50,000 policies would cost more than one $100,000 policy.